India, often touted as a land of vast economic potential, faces a stark contradiction. Despite its 1.4 billion population size, only a fraction truly participates in discretionary spending. The widely held perception of India as a massive consumer market does not align with the reality that nearly a billion people lack the financial means to buy anything beyond basic necessities. This structural imbalance, where consumption is increasingly concentrated among the wealthiest, is reshaping the country’s economic future.

At the core of this issue is a fundamental divide: India’s true consuming class ~ those with the ability to spend freely on goods and services ~ is estimated to be just around 130-140 million, roughly the size of Mexico’s population. Another 250 million are classified as “emerging consumers,” but their spending is cautious and often reliant on easy credit, which is now tightening due to regulatory crackdowns. Meanwhile, the remaining billion people are........

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